The company said it was also closing three distribution and delivery centers

Published Mar 2, 2017 at 1:31 PM

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In this file photo, an hhgregg store prepares to open in a former Circuit City location on August 22, 2011 in Niles, Illinois.

Struggling appliance and electronic retailer HHGregg announced Thursday it is planning to close 88 “underperforming” stores nationwide.

The Indianapolis-based company also said it is closing three distribution and delivery centers located in Brandywine, Maryland, Miami, Florida, and Philadelphia, Pennsylvania.

The stores will start liquidation sales of current inventory and are expected to be closed by mid-April. The closings will result in the loss of about 1,500 jobs, the company said.

“We are strategically exiting markets and stores that are not financially profitable for us,” HHGregg CEO Robert Riesbeck said in a statement. “This is a proactive decision to streamline our store footprint in the markets where we have been, and will continue to be, important to our customers, vendor partners and communities."

"I want to thank each and every manager and associate in our stores and distribution centers, and their families, for their continued efforts, contributions and support," he continued. "I understand this is not an easy process to go through; our history has shown that our team members will meet this challenge head-on and continue to support our customers and each other through the closing process."

HHGregg, founded in 1955, operates about 220 stores in 19 states. The company sells mobile phones, tablets and PCs, along with an exclusive deal with Verizon Wireless. Other products include TVs, mattresses, furniture and appliances.

The company's stock was removed from the New York Stock Exchange earlier this week company’s “average global market capitalization over a consecutive 30 trading-day period” fell below the $15 million threshold needed to keep it on the exchange, according to Reuters. HHGregg said it did not plan to appeal the NYSE’s decision.